How to deposit funds into Firstrade from Singapore
My review of the Firstrade brokerage has been one of my top-performing articles of the year. This is likely due to the fact that it not only offers commission-free trades for Singapore residents, but it also has an amazing UX and UI.
However, one of the most common questions I receive is how to deposit funds into the brokerage. Given that it does not have a local presence, it is not easy for Singapore residents to deposit money into their accounts as compared to local brokerages like Tiger Brokers or FSMOne.
In this article, I’ll be going through the steps of exchanging currency (SGD -> USD) and remitting the money over. I’ll be using DBS as an example.
Transferring money over
To do the fund transfer, we will be using the DBS Remit feature.
Get fund transfer information
First, head over to your Firstrade account to get the transfer details. You can find it under Accounts -> Deposit/Transfer.
Once you’re at the page, click Wire Transfer and then select International.
You should get this information. Please make sure to actually check from your own account instead of relying on the above sending informations as they may be outdated.
DBS Remit – Add new recipient
Next, head over to the DBS iBanking site and login with your credentials.
Once you’re in, head over to the DBS Remit and Overseas Transfer page.
Scroll down to Overseas Recipients and click + New Recipient.
Fill in these information
I’ll repeat again, please check your accounts page for the most updated transfer information to prevent any issues in receiving your money.
Once that’s done, click submit and you’ve successfully added Firstrade as your recipient.
DBS Remit – Sending money over
Head back to the DBS Remit page (Under Account -> DBS Remit and Overseas Transfer).
Select the amount of money you want to send over and click start a new transfer.
You’ll be prompted to finalise your transfer, together with any payment details. Remember to add the For Final Credit To: (your Firstrade account number) in the payment details section! If you don’t do so, your transfer might not go through.
And that’s it!
From my experience, the transfer usually takes a couple of hours (1-2 hours) before reaching your account in Firstrade.
They are honestly a really incredible brokerage platform with the ease of depositing money as their only downside. I hope this step by step guide will be useful for anyone looking to invest with Firstrade.
If you’re interested in other brokerage reviews that I’ve done, check out my recent review of FSMOne here.
If you have just signed up for a brokerage account and am looking for something to invest in, check out my review on the ARKK ETF and why I think it might be the best ETF to invest in now.
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